Estate Planning 101 Family Wealth Law Group, PC 3626 Fair Oaks Blvd., S te. 300 S acramento, CA 95864 (916) 520-3712
About Us: Family Wealth Law Group, PC Cecilia Tsang Alyssa Chow Associate Attorney at Family Wealth Attorney-at-Law and Owner of Family Law Group, PC Wealth Law Group, PC
Estate Planning? Why do we do
How many of you have done Estate Planning?
The answer is… all of you!
If you die without a Will, your Estate goes to: A) S tate of California B) Heirs-at-Law B) Heirs-at-Law C) Y our Attorney
A Will does the following: A) Allows you to name an Executor A) Allows you to name an Executor B) Avoids probate C) Cannot be contested
What are the probate fees for an Estate totaling $300,000? A) $9,000 A) $9,000 B) $5,000 C) $25,000
What is the average time it takes to probate an Estate in California? A) 6 months B) 1 year B) 1 year C) 45 days
In a California probate, who has access to information about your Estate? A) Only heirs-at-law/ beneficiaries B) Only your attorney C) Anybody C) Anybody
What is a Revocable Living Trust? A) S omething only trust fund babies have B) A legal contract B) A legal contract C) S omething that only becomes effective when you die
What is the primary purpose of establishing a Revocable Living Trust? A) Avoiding probate A) Avoiding probate B) Avoiding taxes C) Keeping attorneys in business
What is NOT true about Revocable Living Trusts? A) They must have assets to control B) They are appropriate for everyone who owns property totaling over $150,000 C) They get recorded C) They get recorded
Which assets are part of a Revocable Living Trust? A) A bank account with the name of the Trust A) A bank account with the name of the Trust showing on the monthly statement showing on the monthly statement B) A bank account that is listed in the Trust document but is titled as a j oint account between spouses C) A retirement account that is listed in the Trust documents but names children as beneficiaries
Which of these statements is true about successor Trustees? A) It is an honor to be one B) They are monitored closely by law enforcement C) They owe many duties to the C) They owe many duties to the Trust beneficiaries Trust beneficiaries
How often do Revocable Living Trusts need to be updated? A) Every 5 years B) Every time there is a personal B) Every time there is a personal financial or legal change financial or legal change C) Never – it is perfect as it is
Which of these statements is true? A) Y our spouse automatically has the authority to access your financial accounts B) In California, there are two separate types of B) In California, there are two separate types of Powers of Attorney Powers of Attorney C) Y ou have to name a family member as your agent in a Power of Attorney
If you are diagnosed with dementia, and you do NOT have estate planning documents, which of the following is true? A) Y our children need to take you to an estate planning attorney immediately before you die B) Y B) Y our children or spouse may need to get a our children or spouse may need to get a court order to handle your affairs court order to handle your affairs C) Y our children or spouse can start signing your checks for you to pay your bills
Any questions?
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